Bangalore based IT services firm – Kalki Communication Technologies Pvt Ltd is raising $4.50Mn from IFC and GEF South Asia Clean Energy Fund, L.P for new product development and to grow the company’s business development capabilities in new and existing markets.
IFC may invest $1.35Mn through quasi-equity or convertible instruments, while the balance $3.15Mn will be invested by GEF South Asia Clean Energy Fund.
Additionally, IFC & GEF may finance a second round of $2Mn and third round of $5Mn equity for use in further business development activities.
Bangalore based Kalki Communication was founded in 1998. It was co founded by Prasanth Gopalakrishnan and Sushil Cherian. The company provides products, services and solutions that monitor, manage and optimize energy generation and transmission assets for public utilities and industrial clients across the world.
It operates in the IT services and system integration space but also generates revenues from sales of its SYNC and ELTRIX hardware and software product lines. In addition to selling these products directly to utilities, Kalkitech also provides ELTRIX and SYNC solutions to OEMs who bundle these products with their systems to implement solutions for utilities.
GEF South Asia Clean Energy Fund is managed by GEF Management Corporation. GEF and Yes bank are the general partners in the fund. It mainly plans to invest in India, with up to a fourth of its investments in countries like Sri Lanka, Bangladesh and Nepal. IFC is currently invested in GEF through its US$10 million commitment to the fund.